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Budget considerations for First Home Buyers

Managing your finances is key to buying your first home with confidence

Establishing a budget and managing your finances should be top of mind when deciding to purchase your first home. The better prepared you are, the smoother the process will be. Below are some of the key questions answered.

  1. 1
    How do I plan a budget?

    Budgeting is fundamental to purchasing your first home, so it needs to be carefully considered and as accurate as possible. 

    There are five essential steps that are common to every well-planned budget:  

    • Make a list of how much you’re earning and the frequency of your income. 
    • Add up every expense you can think of – from utility bills to groceries, entertainment, transport and beyond.  
    • Considering the above two points, determine how much can you save whilst maintaining a standard of living you are comfortable with. Work this out and then set yourself a hard spending limit. 
    • Finally: Set yourself a regular review period to track and reconcile your budget vs your spending. Monthly check-ins are ideal.  
  2. 2
    How much deposit do I need for a home loan?

    Before providing you a loan, most banks and lenders need you to pay a portion of your new home’s cost as a deposit.  

    The amount required will be formed once the lender has reviewed your financial profile, as well as other factors such as the market conditions and their own internal criteria. This can attract extra fees such as Lender’s Mortgage Insurance. Speak your broker or bank to help work out what’s best for you.   

  3. 3
    How do I get a home loan?

    When obtaining a home loan, here are some important points to factor in:  

    • Be gainfully employed. 
    • Demonstrate a strong savings or repayment history. 
    • Ensure your credit rating is as sparkling as can be. 
    • Consider minimising any unnecessary financial commitments, like pay later services.  
    • Show that you have a financial safety net, e.g. a ‘rainy day’ fund. 
    • Avoid applying to too many lenders at once and make sure you’re disclosing everything you need to as part of the process. 
  4. 4
    What financial help is available?

    There are a number of federal and state government initiatives available to First Home Buyers that can help ease you into your new home.  

    To help you get started, we’ve summarised some of the key government grants and initiatives available for you to explore at a federal level, as well as state offerings across NSW, Queensland, Victoria and WA. Your financial advisor may be able to help you determine if you’re eligible for one. 

Set yourself up for success 

We understand becoming a homeowner is a big investment, but a rewarding one. Now that some of the key questions are answered, here are some top tips to help your prepare for journey ahead.

Explore more 

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